New York Markets After Hours

Rabobank to cut more jobs in the Netherlands

AMSTERDAM--Dutch lender Rabobank Group will eliminate more jobs in the Netherlands as it seeks to downsize its domestic operations and further reduce costs.

The bank said late Friday it will cut between 1,000 and 2,000 jobs in the next several years, largely at its headquarters in Utrecht.

The overhaul will also affect the Dutch activities of Rabobank's international arm, which will be integrated into the headquarters. The move will help to reduce annual costs EUR220 million by 2016, the bank said. It follows a previously unveiled restructuring in the Netherlands that will result in 8,000 job losses and the closure of hundreds of branches.

The Dutch bank employs about 60,000 world-wide.

Like other lenders, Rabobank is seeking to slash costs as it faces a stricter regulatory environment and as customers are increasingly shifting to online banking.

Regulators have also put Rabobank under closer scrutiny following its involvement in manipulation of the key London interbank offered rate, or Libor. The bank in October agreed to pay $1.07 billion to settle the accusations, prompting the resignation of several top executives.

The new restructuring isn't related to the Libor scandal and won't affect the bank's Global Financial Markets division, which was at the heart of the affair, a spokeswoman said.

Rabobank said in October it had already taken "significant steps" within the division by shutting down business activities and exiting some markets. It said it would continue to review the unit's activities to reduce risks and improve compliance. Rabobank said it had taken disciplinary action against the employees allegedly involved in the manipulation.

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